In a newly released memoir, named Ithaki, the former leader Tsipras pulls no punches as he revisits the chaotic period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, Tsipras appointed the maverick economist Varoufakis as the treasury head largely due to his international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, in reality, more like a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives that included promoting Varoufakis's publications and experimenting with his own economic models using the nation instead of truly fighting for the country's economic stability.
He noted that those discussions to stave off bankruptcy were “not just a way of achieving a better deal for the country. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's destiny but also the harsh austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a popular referendum, an action that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result and agree to a bailout package with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included creating a parallel currency and distributing coupons to pensioners, the leader said he realised that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
He also claimed how his aggressive style left him increasingly isolated among peers, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock in some quarters, while the former minister has so far kept a deafening silence on the matter.
